Strategic Education (SEI) operates accredited post-secondary universities for working adults in the U.S. and Australia/New Zealand. In the U.S., SEI's two core universities are Capella University, an online-only graduate-focused school with roughly 52,000 enrolled students known for its FlexPath competency-based learning model, and Strayer University, a primarily undergraduate institution with about 34,000 students offering both online and physical campus options. Together, these schools serve roughly 85,000 U.S. students, most of whom are working adults enrolled part-time. SEI also operates Torrens University in Australia and vocational providers in New Zealand, enrolling around 19,500 students. SEI generates tuition revenue from its university programs and subscription and platform fees through its Education Technology Services (ETS) segment, which includes Sophia Learning, a subscription-based platform of self-paced courses that transfer for credit at partner colleges, and Workforce Edge, an education benefits administration platform for employers. ETS is SEI's fastest-growing segment and generated roughly one-third of total operating income in FY25, with an operating margin around 40%. A significant portion of U.S. students rely on Title IV federal financial aid, though SEI is actively growing its employer-affiliated enrollment channel, which now represents over 33% of U.S. enrollment and carries lower federal aid dependence. SEI's growth strategy focuses on expanding employer partnerships, targeting the healthcare vertical, and using AI-driven automation to reduce costs, with management targeting roughly $100M in cumulative operating expense savings by end of 2027.